Two of the world’s largest banks have pulled back the curtain on the scale of their blockchain payment networks, and the numbers suggest that institutional adoption of deposit tokens is already far more advanced than most people realize.
In a new Bloomberg interview, executives from JPMorgan Chase and Citigroup reveal the volume of transactions their respective blockchain networks are currently processing, painting a picture of a financial infrastructure that has quietly moved well beyond the pilot stage.
JPMorgan’s global co-head of payments, Umar Farooq, says the bank is already moving significant volume on an external-facing blockchain where clients are actively executing transactions.
“We are doing at this point high-single-digit billion purely in blockchain terms, like tokens actually moving on. People are actually facing off of these, and we believe that volume at this point in terms of a pure blockchain network with proper tokens that clients can execute on programmability is actually higher than any stablecoin in the world in B2B.”
Farooq is referring to the movement of the bank’s deposit tokens, or digital representations of bank deposits on a blockchain. In November 2025, JPMorgan made its JPM Coin available to institutional clients. The deposit token is designed to provide instant, 24/7, dollar-backed, yield-bearing, on-chain transfers for large-scale institutional payments.
Meanwhile, Citigroup’s global head of services, Shahmir Khaliq, confirms that Citi is operating at a similar scale, with the bank moving about $1 billion in deposit tokens daily across a wide range of client use cases.
“Citi is moving about the same, close to a billion dollars or thereabouts on a daily basis. There are different clients with different agendas. There are clients who will move money once a day or once a week because it’s a holiday schedule or they’ve run into a holiday schedule in a particular market and they want to fund up at a particular point of time. Then the other clients who are moving billions of dollars daily. So there is a vast what I would call dispersion of use cases across these various types of clients.”
In September 2025, Citi announced it was integrating its Citi Token Services platform with its 24/7 USD Clearing solution, allowing 24/7, multibank cross-border instant payments for institutional clients in the UK and US, with plans to expand to more territories in the future.
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